The point is that they're not always crazy and they've also uncovered quite a bit of actual conspiracy. Both in the ninjas edits by spec and the reddit scoring manipulation to suppress that subreddit.

Yes it's a private website and both are within their rights, but you can't claim to be promoting free speech and expression and then edit the speech of others or rig the system so it doesn't appear in front of others per the rules of the game. The worst part of it is doing it without any indication that an edit was made.